Month: September 2015

Arizona homeowner’s insurance is pretty much a given, but Condo owners have unique insurance policy needs. The following points are posted to make sure you are aware of those unique elements, and if you are not – who you can turn to for clarity.

What you require in the way of coverage is very different than what renters and homeowners need to look for in an insurance policy.

Your condominium complex is often operated by a homeowner’s association (HOA), which is governed by a set of bylaws. This means there may be certain regulations that apply to your ownership of which you might not be aware

These bylaws determine who will cover what. As the homeowner, you are responsible for certain items, and the HOA for others. Until you know the parameters for these responsibilities, you cannot purchase the policy coverage you need, and not purchase insurance for areas where the HOA must assume accountability

The bylaws can be written in any number of ways, but in general, the association is responsible for insuring the building itself and the unit owner is responsible for his or her belongings and any upgrades made to the unit. Your primary task and responsibility is to have absolute clarity about what your position will be

Condominium associations charge monthly fees for maintenance and other projects – make sure you can discuss with your Insurance Agent, with absolute certainty what those fees and maintenance tasks cover that might conflict with, or require additional coverage to bridge any possible gap.

Should a unit owner have a loss and be unable to pay the fees, the insurance policy will pay them up to a limit of coverage – you need to know what that limit is.

Like other policies, liability coverage and personal property coverage are included in the unit owner’s insurance policy – will you have a sufficient amount of coverage?
Before you take another step toward securing coverage for your Condominium unit, you would do well to review an association’s bylaws – if you did not do so during the buying process, to know what type of coverage is expected.

Build a long-lasting relationship with an insurance agent; they are a great asset in the insurance-buying process, and can help if you are a first-time condominium-unit buyer looking for the best coverage to fit their needs.
Jan Vitale
Independent Insurance Agent
Proudly serving her clients and her industry for 30+ years
http://www.lifetimeinvestmentsllc.com/
JanVitale@lifetimeinvestmentsllc.com

Arizona Auto insurance is a necessity, and unfortunately paying for one’s own vehicle in addition to gas and insurance is just too costly for many Americans today, according to Matt Moore, vice-president of the Highway Loss Data Institute (HLDI).

As a result, the number of people who are using other methods of getting from place to place – such as car shares or rentals – is on the rise.

But if you don’t own your own vehicle, you don’t need auto insurance – right?

Wrong!

In some states, you aren’t allowed to drive anyone else’s vehicle without your own insurance. But fortunately, “named non-owners insurance” is available for those who don’t own vehicles, but may rent or drive others’ cars.

Non-Owners Insurance

Named non-owners insurance provides bodily injury and property damage coverage, and is attached not to a vehicle, but to the “named” policyholder. It covers you in any vehicle you drive. Without it, you could be sued if you cause an accident driving someone else’s vehicle. For example, you borrow your friend’s car and cause an accident. If he or she has minimum liability on the car, and the liability coverage maxes out, your named non-owner policy will kick in to cover what’s left.

This coverage works for those who regularly rent cars or drive others’ vehicles, car-share participants, and those who are required to file an SR-22. Generally, named non-owners insurance is a great option for many people.

If you plan to own a car sometime in the future, it maintains your good-driver status, but more importantly, it offers peace of mind. If you have questions… call me!